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 VILFREDO PARETO:
AN INTELLECTUAL BIOGRAPHY
VOLUME II
THE ILLUSIONS AND DISILLUSIONS
OF LIBERTY (1891–1898)
Fiorenzo Mornati

PALGRAVE STUDIES IN THE

HISTORY OF ECONOMIC THOUGHT
 Palgrave Studies in the History
of Economic Thought

Series Editors
Avi J. Cohen
Department of Economics
York University & University of Toronto
Toronto, ON, Canada

G. C. Harcourt
School of Economics
University of New South Wales
Sydney, NSW, Australia

Peter Kriesler
School of Economics
University of New South Wales
Sydney, NSW, Australia

Jan Toporowski
Economics Department
SOAS, University of London
London, UK
Palgrave Studies in the History of Economic Thought publishes contri-
butions by leading scholars, illuminating key events, theories and
individuals that have had a lasting impact on the development of modern-
day economics. The topics covered include the development of economies,
institutions and theories.

More information about this series at

http://www.palgrave.com/gp/series/14585
 Fiorenzo Mornati

Vilfredo Pareto:
An Intellectual
Biography Volume II
The Illusions and Disillusions
of Liberty (1891–1898)

Translated by John Paul Wilson

Fiorenzo Mornati
Department of Economics and Statistics
University of Turin
Turin, Italy

Translated by John Paul Wilson

Milano, Italy

Palgrave Studies in the History of Economic Thought

ISBN 978-3-030-04539-5    ISBN 978-3-030-04540-1 (eBook)
https://doi.org/10.1007/978-3-030-04540-1

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 Preface

In this second volume of the trilogy, we will turn our attention to the
early stages of Pareto’s professional academic and, more particularly, sci-
entific activities.
The starting point will be a reconstruction of his key relations with the
University of Lausanne, in as much detail and in as fully documented a
manner as possible. This will be followed by an examination of the ongo-
ing observations Pareto made regarding political events in Italy and in
Switzerland between the years of 1891 and 1898. Having thus outlined
the issues which stimulated and fostered Pareto’s thinking, we will trace
the evolution of this latter, once again supplying detailed analysis and
with the support of documentary evidence, while systematically high-
lighting continuities with themes appearing in the previous volume of
the trilogy. We will investigate all aspects of his thinking on economics,
following what appears to be the most logical sequence, passing from
pure economics to the concept of general economic equilibrium, the eco-
nomics of well-being, international trade and the money, the economic
theory of socialism and the statistics, together with all the other topics in
applied economics which occupied Pareto’s attention, such as the demo-
graphic question, the public finance, the functional distribution of wealth
and the recurrence of economic crises.

v
vi Preface

Thereafter we will identify the early elements which later would be

developed, during the period covered in the next volume, into Pareto’s
groundbreaking system of sociological and political ideas. We will end
with an overview of immediate reactions in Italy and abroad to the pub-
lication of his first major work, the Cours d’économie politique (Course in
political economy), and to his first original theory, the law of income
distribution.
Our treatment of these various themes will progressively reveal our
interpretation of Pareto’s intellectual biography over this period, where
the heights of his enthusiasm for liberal and free-trade ideas appear to
give way to a rapid disillusion which led him to pursue his intellectual
work for the love of science alone.
We have made very selective use of sources in the field of Pareto stud-
ies, simply in order to clarify certain aspects of his life and thought. This
is due mainly to the enormous dimensions these materials have attained
in recent years, together with the fact that Pareto’s name appears increas-
ingly to perform simply a tutelary function, while the person and his
authentic ideas become more and more obscure.
We have likewise sought to provide formal demonstrations which,
while as complete as possible, are also adapted to a very broad readership.

Turin, Italy Fiorenzo Mornati

 Acknowledgements

I would like to thank Roberto Marchionatti for the long discussions on

the various aspects of Pareto’s thinking covered in this book, as well as (in
alphabetical order) the Archives Cantonales Vaudoises (Vaud Cantonal
Archives) in Lausanne, the Archives de la Commune de Lausanne
(Lausanne Municipal Archives), the Banca Popolare di Sondrio (Popular
Bank of Sondrio), custodian of the Vilfredo Pareto archive held at the
Luigi Credaro library in Sondrio, together with Piercarlo Della Ferrera,
the chief archivist, for their patient support. Lastly, I must also express
my gratitude to Luisa Giacoma, lecturer at the University of Turin, for
her very helpful translations of German-language texts.

vii
 Contents

1 Relations between Pareto and the University of Lausanne  1

2 Pareto as a Critical Observer of the Italian and Swiss

Political Scenes 41

3 Pure Economics 93

4 General Economic Equilibrium129

5 The Economics of Welfare141

6 From Free-Trade Propaganda to the Theory of

International Trade157

7 The Money181

8 Other Topics in Applied Economics201

9 The Economic Theory of Socialism221

ix
x Contents

10 The Law of Income Distribution and Various Statistical

Complements237

11 Initial Development of a New Sociology261

12 Further General Reflections on Politics273

13 Early Critical Reactions to Pareto285

Epilogue311

Index315
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 List of Tables

Table 1.1 Pareto’s fiscal situation 7

Table 10.1 Earnings in Saxony for 1890 241
Table 10.2 Effective income earners and theoretical income earners in
Saxony for 1890 243
Table 10.3 First table of incomes distribution rearranged by Pareto 244
Table 10.4 First table to calculate the α coefficient 245
Table 10.5 Second table to calculate the α coefficient 246
Table 10.6 Comparison between original and calculated data 247
Table 10.7 A series of α coefficient 247
Table 10.8 First table for estimating the Chebyshev formula 253

xi
 1
Relations between Pareto
and the University of Lausanne

Pareto began his career as a university professor in Lausanne exactly three

years after his unfortunate enforced departure from the management of the
ironworks. This swift transformation was largely down to chance but was also
due to Pareto’s determination to seize any welcome opportunity for work, as
well as to the new intellectual skills he had acquired in the meantime.
Following his resignation, pending new opportunities in management
which appear not to have materialised, Pareto pursued his work in ama-
teur journalism, maintaining his former spirit of minority liberal activ-
ism, as we will see in some detail in Chap. 2. Pareto’s interest for pure
economics seems to have been sparked by his fortuitous contacts with
Pantaleoni together with their shared passion for radical liberalism, both
political and economic. Through Pantaleoni, Pareto duly made contact
with Walras and thereafter decided to devote himself systematically to
mathematical economics, which initially had represented for him simply
an original method of consolidating free-trade theories. His early publi-
cations in this field drew the attention of Walras, who had decided to
retire from teaching but had been unable, despite all his efforts, to find a
worthy successor, and who therefore resolved, urged by Pantaleoni, to
support Pareto’s candidacy.

© The Author(s) 2018 1

F. Mornati, Vilfredo Pareto: An Intellectual Biography Volume II,
Palgrave Studies in the History of Economic Thought,
https://doi.org/10.1007/978-3-030-04540-1_1
2 F. Mornati

We are able to reconstruct many of the phases of the complex official

relations between Pareto and the University of Lausanne,1 corresponding
to the periods of his first contacts (Sect. 1.1), of his appointment (Sect.
1.2), of his succession (Sect. 1.3), of his role in the foundation of the
École des Sciences Sociales (School of Social Sciences) (Sect. 1.4), of his
teaching activities in political economy (Sect. 1.5) and of the history of
the institution itself in that period (Sect. 1.6).

1.1 First Contacts

In reply to a letter of homage written by Pareto, on the 15th of October
1892, Walras, who recognised his own limitations in regard to “formal
analysis”, expressed his hope that Pareto himself might be able to re-­
establish his own economic theories on a more advanced mathematical
basis, referring to recent articles by Pareto2 representing what Walras con-
sidered to be “the most serious and the most gifted work on questions
relating to mathematical political economy”. On the same occasion
Walras informed Pareto of his decision to stop teaching and to request
early retirement on grounds of ill-health.3
On the 23rd of October, Pareto thanked Pantaleoni, to whom he had
sent Walras’ letter,4 for having contemplated him as successor, adding,
however, that he considered himself to be “too little known to be cho-
sen”.5 In any case, on the following 3rd of November, Pantaleoni informed
Walras of his intention to insist with Pareto, whom he considered “the
person best-equipped to be able continue the tradition” which Walras
had initiated,6 that he should put himself forward as candidate. Walras
replied immediately that he too had Pareto in mind7 and that he intended
to ask the government of the canton to appoint an extraordinary profes-
sor for two courses (in pure and applied economics) to be taught directly
in the current academic year, in the hope that thereafter he could be
offered a chair definitively, stating that he would support “Mr. Pareto in
every way within [his] power to conclude these arrangements”.8
On the 7th of November9 Pareto confided to Pantaleoni that “if the
thing could be achieved, it would be a great honour” for him. However,
he needed to “find a way…. to accept this much-desired post” while
 Relations between Pareto and the University of Lausanne 3

avoiding “grave consequences” in Italy.10 Thus, he answered Walras that it

would be “a very great honour” for him to be called to give courses in
Lausanne but that he could not come immediately, partly due to existing
commitments11 and partly because, were the trial period in Lausanne not
to lead to a definitive appointment, he would have to “organise things in
such a way as not to entirely forsake [his] activities [in Italy], so as to be
in a position to take them up again on [his] return”.12
In any case, on the 14th of November, Pareto assured Walras that, if he
were to be appointed in Lausanne, he would settle there “for good”,
because he was now convinced that the battle for free trade was lost in
Italy and consequently it would be preferable for him to dedicate himself
to the study of science. Lastly, he was confident that “[his] teaching would
meet with success” because “all the people who had heard [him] speaking
in public in French had told [him] that [his] diction was clear and easy to
follow”.13 Pareto added that he was interested in the opportunity in
Lausanne because the Italian government had prohibited him from giv-
ing courses in public, so this would allow him to “expound [his] ideas …
to a fresh audience each year”, especially given that he could not afford
“the luxury of publishing scientific work at [his] own expense”.14
On the 20th of January 1893, Walras informed Pareto that his chances
of success appeared good, assuring him that it was characteristic of the
minister responsible, Eugène Ruffy (1854–1919)15 to put off making deci-
sions for as long as possible.16 For his part Ruffy, on the basis of Walras’
letter in which he recommended Pareto as his successor (designating him
“one of [his] most brilliant disciples [and] the best-equipped to continue”
his teaching in pure political economy)17 together with the letter of appli-
cation sent to him by Pareto himself,18 had duly contacted the Swiss
Ambassador in Paris (Charles Lardy) to check the references communi-
cated to him by Walras19 (particularly in regard to the publishers of the
“Journal des Economistes” and of the “Revue des Deux Mondes”).
In the early Spring, having given up the prospect of the move to
Lausanne as lost in bureaucratic delays, Pareto commented that he would
“have been very happy if it had been possible”.20 Thus, it was with evident
enthusiasm that, instead, he was able to announce to Pantaleoni that on
the 19th of April, following an interview21 which had taken place at his
house in Fiesole with Ruffy and the Dean of the law faculty,22 Louis
4 F. Mornati

Grenier (1846–1919), “everything [had] been settled”23 and that, in

response to the wishes of his interlocutors, he would travel to Lausanne
at the beginning of May in order to “start teaching” straightaway.24 To be
precise, Pareto’s appointment was as “extraordinary Professor” for a period
of a year, with a promise from Ruffy that “if the results of [his] courses
[were] satisfactory”, he would be offered a chair25 at Easter 1894.
On the 24th of April 1893, the professors Grenier, Jacques Berney
(1863–1898), Heinrich Ermann (1857–1940) and Ernest Roguin
(1851–1939)26 were present at the meeting of the Law Faculty board,
which unanimously approved Pareto’s appointment as extraordinary pro-
fessor of political economy, expressing “the desire that, if possible, the
teaching of pure political economy should begin this summer”.27 On the
25th of April, the government of the canton duly appointed Pareto as
“extraordinary professor of political economy” for the two following
semesters at an annual salary of 4000 francs.28
A few days later, Pareto wrote to a friend in Geneva, the Italianist
Philippe Monnier (1864–1911), saying that he was very happy, both to
have been designated successor to Walras, which “far exceeded what [he]
could have expected”, and because he hoped to “find among the honest
and hard-working folk of Switzerland the tranquillity required for [his]
scientific studies”.29
On the 9th of May, the “Gazette de Lausanne” (the city’s most impor-
tant daily and the unofficial organ of its Liberal Party)30 informed its read-
ers that Pareto had arrived in Lausanne31 on the morning of the 8th of
May (a Monday) and that he would begin “his courses shortly”.32 This
same daily had previously informed readers that Ruffy and Grenier had
travelled to Florence “to seek a professor of political economy to replace
Mr. Walras, who is resigning”,33 adding that the professor whom the
University wished to appoint was “the Marquis Wilfredo Pareto of
Florence, who already has a reputation as a journalist”.34 The Lausanne
newspaper commented that “it would be a brilliant acquisition for
Lausanne. It is important that the chair hitherto occupied by the doyen of
a school, Mr. Walras, not be left in the hands of a mediocrity. Mr. Pareto
is a disciple of the master, whose health has obliged him to abandon teach-
ing. He is a supporter of free trade, which is very rare ­nowadays. We
express our most sincere hopes that the negotiations which have begun
 Relations between Pareto and the University of Lausanne 5

with him will be successful”. On the 25th of April, the “Gazette” could
finally report that the canton government had appointed “Mr. Vilfredo
Pareto, engineer” as professor of political economy35 in place of Walras,
who had been granted his pension. On the same day, the “Revue” (the
official organ of Lausanne’s Radical Party) reported that, following the
resignation of Walras, “the State Council had called the professor Mr.
Vilfredo Pareto to occupy the vacant chair. Although young, Mr. Pareto
is already very well-known and is appreciated not only among econo-
mists, but also by all those who are interested in the absorbing issues of
financial and commercial policy”.36

1.2 The Confirmation

The lesser-known story of Pareto’s confirmation at the University of
Lausanne is also interesting from a biographical point of view, because it
demonstrates his ease in dealing with the authorities in a foreign country.
Felix Roux (1855–1940), the director of the École industrielle cantonale
(the state school for commercial studies) informed the government that
it was no longer possible to delay the solution to the problem of finding
a successor to Walras at the school. Further, referring to the fact that
Walras’ tasks included teaching activities at this school too, Roux said
that, even if this requirement had not been formally demanded of Pareto,
“nevertheless it would be of great interest for our school if the Department
could persuade him to take over the course, even if it involves making
some concessions”.37
The new minister of the public education, the radical Marc-Emile
Ruchet (1853–1912) considered Roux’s request reasonable, informing
him on the 2nd of April that he would “take the necessary steps with
Mr. Vilfredo Pareto to procure his valuable support in the teaching of
political economy at the École du Commerce and inform you concern-
ing the outcome of our endeavours”.38 On the same day, Ruchet duly
put out feelers regarding Pareto’s39 intentions, the latter replying to
the minister on the 4th of April,40 making his availability conditional
on an additional remuneration in recognition of the work he would be
obliged to forfeit, since the lessons requested of him, although elemen-
tary, would nevertheless require adequate preparation. Ruchet seemed
6 F. Mornati

disposed to grant all Pareto’s41 requests in full but, in the following

days, Pareto appeared to change his mind completely, demanding pro-
motion to full professor42 in return for simply performing the univer-
sity teaching, and on the 13th of April the government granted this
request.43
As early as the 14th of April, Pareto was once again forcing the issue,
thanking Ruchet for the promotion but also reminding him that it had
been agreed with Ruffy that this promotion would offer the same remu-
neration as that of the other full professors, and hence Pareto was able to
accept the existing extraordinary Professor’s salary of 4000 francs only on
a provisional basis.44 On the same day Pareto asked to be received by
Ruchet45 and this request was granted directly for the following 17th of
April.46 Only indirect evidence is available concerning the discussions at
this meeting. The administration had prepared a note indicating that, in
contrast with Pareto’s claim of receiving discriminatory treatment by
comparison with the other full professors, twelve of these (out of twenty-­
seven) received 4000 francs, three 4500, four 7500, one 5000, one 5500,
two 6000 and the other four less than 3000 francs.47
At this meeting, it is very likely that Pareto’s views were sought in the
matter of covering the position at the École de Commerce, as on the 19th
of April he wrote to Ruchet48 to inform him that his post-graduate
­student (in letters) Léon Winiarski (1865–1915)49 would be very happy
to take on the task and that he, Pareto, would contribute by passing on
“all the information he needs in order to … prepare his course properly”.
However, on the 23rd of April, Ruchet told Roux plainly that “we regret
to inform you that our approaches to Mr. Pareto have not borne fruit”,
while assuring him that the search for Walras’ replacement would go on.50
At the faculty board of the 25th of June 1896, with Berney, Georges
Favey (1847–1919), Erman, Roguin and Pareto present, the outgoing
Dean Berney proposed that, as was customary, the position should pass to
Pareto, as being the most recently appointed full professor. Pareto himself
“remarked that he feared he did not possess the necessary experience to
perform this task. He will accept only if the vice-Dean has the kindness to
assist him in the performance of the duties involved”.51 In the end, Roguin’s
willingness to offer his help induced Pareto to accept the mandate, in the
course of which he presided over the Faculty board meetings of the 6th of
November and 1st of December 1896, those of the 16th and 23rd of
 Relations between Pareto and the University of Lausanne 7

June,52 15th of November and 6th and 17th of December 1897, and those
of the 12th and 31st of January, the 8th53 and 21st of February, the 4th of
March, 26th of April, 2nd of June, 12th of July and 30th of September
1898 before giving way to Favey as his successor in leading the faculty.

1.3 The Succession

In the spring of 1898, having just received his inheritance from his uncle
Domenico (who had died in Genoa on the 10th of March),54 Pareto
expressed his desire to stop teaching, initially as early as the 31st of December
1898. His hope was to find another liberal to replace him, but this appeared
unlikely because it seemed that “nowadays everyone is a socialist”.55
The decision to put an end to teaching, made possible by the fact that
he no longer needed to earn his living by working, was officially moti-
vated by his desire to put together the ideas needed to write the treatise
on sociology which he mentioned for the first time in this period.56
In truth, there were also important tax-related motives. In fact, Pareto’s
additional plan was to leave his position as professor while remaining in
the Vaud canton and living off his private income, in order to qualify
under the fiscal provision relating to “foreigners not practising any pro-
fession within the canton who by law are exempt from tax for ten years”.
He would be happy, if permitted under the terms of the regulation, to
give an hour of lessons per week free of charge, failing which he would
stop “teaching altogether” (Table 1.1).57

Table 1.1 Pareto’s fiscal situation

Year Assets Professional earnings Tax payable
1894 35,500 3800 105.76
1895 35,100 4430 114.81
1896 33,800 5050 122.20
1897 31,100 5700 160.56
1898 31,800 5150 148.16
1899 297,900 5090 943.58
1900 11,800 18.88
Source: Income tax rolls, registers for 1893–1901, Archives of the Financial
Directorate, City of Lausanne, figures in Swiss francs
8 F. Mornati

Thus began a long stand-off between Pareto, on the one hand, and the
University and the Department of Public Education, on the other.
The first person Pareto thought of to be his replacement was his ex-­
student Nicolas Herzen (1873–1929), who in 1896 had gained his doc-
torate in law, but whose predilection for roman law,58 which Pareto was
already aware of, soon revealed itself as irreversible. Thus, after briefly
fearing that his chair might go to the French literary economist Charles
Gide (1847–1932),59 who a few months earlier had given a series of lec-
tures in Lausanne, of which Pareto had been highly critical,60 on the
cooperative economy, Pareto started to think, initially with considerable
scepticism, about the possibility of simply requesting an assistant.61
For this position he thought of Vittorio Racca (1876–1957), a young
law graduate from the University of Parma who at the time was of social-
ist political leanings and who from the Autumn of 1898 would be in
Lausanne to assist Pareto with his preliminary documentary research for
the treatise on sociology.62
Next, possibly in an attempt to force the hands of the authorities, Pareto
wrote to Ruchet on the 27th of June asking him to accept his resignation
as of the following 31st of December, explaining this by reference to “the
scientific research for the treatise on sociology” which he was preparing.63
On the 16th of August, Pareto and the Dean of faculty Favey were received
by Ruchet, who proposed the solution of Pareto being allowed to avail
himself of a substitute.64 Thus, that same day, the faculty board suggested
to the Department that Pareto should be permitted to entrust to a person
of his own choosing the teaching of those parts of the course he thought
best for the length of time he desired. Racca was suggested for this position
on the basis of his familiarity with Pareto’s teaching and his shared concep-
tion of political economy.65 On the 14th of October, just before the start of
the 1899–1900 academic year, the canton government accepted this pro-
posal.66 Racca started his brief academic career in Lausanne on the 8th of
January 1900, speaking during the course on applied political economy on
the theme of non-personal assets, accompanied by Pareto’s hope that, as of
the following year, he would be able to substitute him “completely”.67
In any case, as early as the 11th of December 1899, Pareto had
informed Ruchet that he would forgo any remuneration on the part of
the university,68 with the explicit aim of “thus entering into the category
 Relations between Pareto and the University of Lausanne 9

of foreign residents who, being neither born in the canton nor practising
any trade or profession, are not liable to taxes on personal assets”. Having
noted Pareto’s decision and after requesting the Lausanne municipal tax
authorities to “monitor and review Mr. Pareto’s position”,69 the can-
ton government decided, on the 20th of February 1900, to have Racca,
who had previously been paid by Pareto, paid an amount of 200 francs
per month of teaching70 directly by the university. The new head of
Department, the radical Camille Decoppet (1862–1924) tried unsuc-
cessfully to reverse this decision, proposing that Pareto should go back to
paying Racca.71 However, on the 23rd of March, following Pareto’s pro-
tests, the government decided to establish even more favourable terms of
remuneration for Racca, amounting to 2400 francs per year plus 50% of
the enrolment fees for his part of the course.72
In the summer of 1900, Pareto declared himself willing to decide, together
with Decoppet, “something definitive, with regard to” his academic posi-
tion,73 specifying that he wished only for “a modest salary” for his work,
simply because “life is too expensive in Lausanne” for him to “live there
without earning”. Before the change in his personal circumstances, he had
received 6000 francs in all from the university (5000 francs in salary and
1000 francs from course enrolment fees) and this corresponded to the total
figure he would now be required to pay in municipal and cantonal taxes if
he were to remain in Lausanne. Racca having taken over half of his hours of
teaching, “it is thus only right” for Pareto’s remuneration to be halved, but
for this to be possible, in practice it would be necessary for his salary to be
increased to 9000 francs.74 If the government should decide not to grant this
request, Pareto, in spite of “the links of affection and of gratitude” that tied
him to the university and to the Vaud canton, would be obliged to resign.75
Faced with Decoppet’s offer of 8000 francs (the maximum salary pay-
able at the university of Lausanne) for a full course (i.e. without the assis-
tance of Racca),76 Pareto answered that for the corresponding net salary
of 2000 francs he could offer at the most half a course. He therefore asked
Coppet “to accept definitively” his resignation, effective from whichever
moment the minister chose.77
Decoppet, notwithstanding, submitted Pareto’s request for a salary of
9000 francs plus the assistance of Racca to the government, at the same
time expressing his objections, both on the grounds that this would create
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10 F. Mornati

“a precedent which would not fail to be invoked by numerous of Mr.

Pareto’s colleagues” and because “the law does not permit us to go up to
the figure in question”.78 However, the faculty board, faced with the pros-
pect of losing Pareto, voted at the meeting of the 2nd of November 1900
for the government to accept his final demands, that is, just one hour per
week of teaching, while supervising Racca’s teaching79 and retaining sole
responsibility for the examinations, in exchange for an annual gross salary
of 3000 francs plus 50% of the enrolment fees for his course.80 The gov-
ernment accepted this, maintaining for Racca the same terms as he had
enjoyed since the March before, but with the proviso that the appoint-
ment could be revoked by either party at three months’ notice after the
end of the academic year, which was prompted by the faculty’s reluctance
to allow the fact of deputising for Pareto to confer on Racca any rights of
succeeding him in his position, since the position should “remain the
preserve of an economist who had proved his mettle and who had a sci-
entific reputation comparable to that of Mr. Walras and Mr. Pareto”.
From the winter semester of 1899–1900 to the summer semester of
1903, the teaching work was divided between Pareto and Racca as fol-
lows81: Pareto taught applied political economy for three hours per week
in the winter semester of 1899–1900, in the summer semester of 1900
(real estate, production and commerce), in the winter semester of
1900–1901 and for one hour per week in the summer semester of 1901,
the winter semester of 1901–1902 (personal assets and theory of inter-
est), the summer semester of 1902 (production and economic crises), the
winter semester of 1902–1903 (division of wealth and modern socialist
systems) and the summer semester of 1903.
As for Racca,82 he taught one hour per week of applied political econ-
omy (socialist systems and taxation) in the winter semester of 1900–1901,
one hour per week of applied economics and two hours of the history of
economic theories (general theories of political economy and their his-
tory) in the summer semester of 1901, three hours of applied political
economy (of which two hours dedicated to real estate and equity assets)
and two hours of social legislation83 in the winter semester of 1901–1902,
three hours per week of applied political economy (of which two hours
dedicated to commerce and consumption) and two hours of social legis-
lation in the summer semester of 1902, three hours of applied political
 Relations between Pareto and the University of Lausanne 11

economy (of which two dedicated to taxation and to socialist systems up

to the end of the eighteenth century) and two hours of social legislation
in the winter semester of 1902–1903, an hour per week of pure political
economy and two hours of history of economic theories in the summer
semester of 1903.
After a while, however, this arrangement ceased to satisfy for Pareto
due to the (for him) fundamental question of logistics, as it necessitated
a weekly return journey from Céligny to Lausanne, a journey lasting an
hour each way, which he deemed “a major sacrifice”, provoking an out-
burst of “if only that Racca could hurry up and become famous so that I
could retire definitively”.84
Thus, in the early summer of 1901, Pareto advised Racca against par-
ticipating in the selection procedure for a university in Italy because very
probably he would not be allowed to emerge victorious, partly due to the
scheming of other candidates and partly because the fact of “having been
in Lausanne” with him would constitute a penalising factor, while any
setback in Italy would penalise him in Lausanne, where “with a little
patience, he could end up as professor of Political Economy … in two or
three years’ time”.85
This arrangement which had been so painstakingly set up came to noth-
ing when, in October 1903, Racca suddenly failed to appear for the begin-
ning of the new academic year. Pareto’s reaction was to request the dismissal
of his assistant, declaring his willingness to begin the course himself but
asking, in view of his “scientific activities” and his “health issues”,86 to be
replaced as soon as possible, “at least temporarily”, but “on the same con-
ditions” as Racca, by Boninsegni, who “knows the subject in depth”.87
Finally, on the 29th of October, Racca got in touch, with a letter from
Athens addressed to the Dean, Roguin, in which he sought to justify his
non-arrival as being due to a shipwreck (disastrous for his health) and
promising on his return to Lausanne to make good the missed lessons.88
However, Pareto reiterated his request for a new assistant who would
devote himself “wholeheartedly and punctiliously to the teaching of
political economy and who would have a perfect understanding with the
titular professor”, going on to say that “the collaboration with Mr. Racca
deviated gradually from what it had been at the start” so that to resume
it would cause “serious problems for the teaching of political economy”.89
12 F. Mornati

On the 20th of November, the government accepted Pareto’s proposal to

authorise Boninsegni for teaching one hour per week under the supervi-
sion of Pareto, who would be paid the salary formerly paid to Racca and
who would be responsible for paying Boninsegni, while a decision regard-
ing the latter’s suitability to continue in the role would be taken in due
course.90
No details are extant regarding Boninsegni’s early teaching experiences
in Lausanne, which in any case met with Pareto’s approval and, towards
the end of the academic year,91 he proposed to the rector Grenier that the
new arrangement for the courses be confirmed for a period of two years,
renewable.92 On the 12th of July, the government authorised Pareto to be
partially substituted for a period of two years by Boninsegni, on whom
they conferred the title of professor responsible for courses (professeur chargé
de cours) and whose remuneration was to be paid directly by Pareto.93
For this two-year period, the organisation of the teaching was as follows:
Boninsegni in the winter semester of 1904–1905 taught one hour of
applied political economy (socialist systems), in the summer semester of
1905, two hours of the history of economic doctrines (history of political
economy), an hour of the science of finance (the state balance sheet) and
two hours of statistics; in the winter semester of 1905–1906 he taught
two hours of applied political economy (equity assets and real estate), an
hour of the science of finance (public debt and the general theory of
financial transactions) and two hours of statistics (the graphic method
and its applications) while in the summer semester of 1906 he taught
three hours of applied political economy (commerce), an hour of the sci-
ence of finance and two hours of statistics. Pareto, in the winter semester
of 1904–1905, taught two hours of applied political economy (socialist
systems) and, in the summer semester of 1905, an hour of principles of
sociology and an hour of pure political economy; in the winter semester
of 1905–1906, he taught two hours per week of applied political econ-
omy (population, the rate of interest) and in the summer semester of
1906, an hour of principles of sociology and an hour of applied political
economy (production, consumption).
However, January 1905 found Pareto once again contemplating retire-
ment.94 He was confident that Boninsegni was able to replace him at last,
since he taught “a substantial part already”. However, he noted that, on
 Relations between Pareto and the University of Lausanne 13

the one hand, “this would depend on the authorities” and, on the other,
“he is competent but he doesn’t speak French very well, which is very
important here”.95 The question was taken up again in the summer of
1906 when the tax commission for the district of Lausanne assessed
Pareto’s earnings at 6800 francs, which he contested vigorously, as the
university paid him only 5400 francs, from which should be deducted
the 2400 francs he passed to Boninsegni and to which should be added a
“contribution from students” much lower than the 3800 francs required
to arrive at the “fantastical” sum calculated by the commission. This deci-
sion thus constituted “the straw that broke the camel’s back” which
­persuaded him to retire “irrevocably”. He begged the minister Decoppet
to accept his resignation as of the 1st of October 1906.96
However, once his anger had passed, Pareto declared himself still willing
to continue teaching for the winter semester of 1906–1907 so as “to give
time to find a successor”.97 The Dean, Simon de Félice (1867–1935), sought
to profit from Pareto’s apparent hesitation by pointing out to Decoppet that
it might be possible to persuade him to withdraw his resignation, if he were
permitted to teach only in the winter semester, which was less deleterious for
his health.98 At the beginning of the new academic year Boninsegni also
declared his candidacy for Pareto’s position, on the basis of the continuing
announcements of his resignation as well as of the three years of substitution
he had just completed.99 As for Pareto, he informed the new Dean André
Mercier (1874–1947)100 that he would be prepared to teach pure economics
and sociology, under whatever title the authorities “saw fit” to assign him,
residing continuously in Lausanne in winter for the 89 days allowed to him
by law “without being subject to the progressive tax on personal assets”. As
regards the “teaching of political economy with a mathematical and scien-
tific foundation”, he proposed Boninsegni, adding that he should also be
confirmed for the courses in statistics and the science of finance, while pos-
sibly being relieved of the teaching of social legislation.
At the department’s request, on the 14th of December 1906 the fac-
ulty expressed its approval for Pareto’s appointment to the chair in polit-
ical and social sciences (including pure economics and sociology), as
well as for Boninsegni’s taking the role of extraordinary Professor in
political economy.101 On the 8th of January the government nominated
Boninsegni extraordinary Professor of applied political economy, social
14 F. Mornati

legislation, science of finance and statistics102 and Pareto to the chair in

social and political science, with the obligation of teaching a single course
in the winter semester. His remuneration was to be 1000 francs plus 50%
of the enrolment fees.103 However, Pareto pointed out that the four hours
per week of lessons for half a semester (which would be his new teaching
commitment) were equivalent to two hours per week for a whole semes-
ter, that is, half of his existing teaching requirement, while the new salary
level proposed was only a third of that previously in force. Hence, for
1000 francs he could offer only two hours of lessons per week for three
months. If this was not acceptable, he would resign as of the 1st of April
1907.104 The Department accepted Pareto’s reduced availability in return
for 1000 francs.105 Thus, at least in theory, Pareto’s final teaching commit-
ments were as follows: an hour per week of sociology in the winter semes-
ter of 1906–1907 together with an hour of sociology and an hour of pure
economics in the winter semester of 1907–1908.106
On the 18th of September 1908, Pareto informed Decoppet of his
resignation, this time truly irrevocably, being motivated by a deteriora-
tion in his health.107 The Department requested Roguin, who was Dean
once more, to investigate the justification for this latest resignation, but
Roguin was obliged to report that Pareto was indeed lost to teaching,
proposing, however, to retain him among the teaching staff for the sake
of the prestige of the institution.108 The Department, having invited the
faculty board to make proposals for Pareto’s permanent replacement,
decided to advise the government to accept Pareto’s resignation for the
end of the current 1908–1909 academic year and to appoint him honor-
ary professor. However, due to the availability of Maurice Millioud
(1865–1925)109 to take over the course in sociology under Pareto’s super-
vision, and of Pareto’s willingness in turn to convert his resignation into
a request for a year’s sabbatical, on the 27th of October the government
granted Pareto the period of sabbatical requested, replacing him for the
coming winter semester with Millioud for sociology and with Boninsegni
for pure economics, for which each of them was to receive 500 francs.110
Pareto made only two further fleeting returns to teaching, first in May
1909, when he taught the last official sociology course (consisting of only
eight lessons ending on the 4th of June111) and then in May 1916, when
he taught another course in sociology but with no final exams.112
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 Mr. Morton was much affected when they placed in his hands the
handwriting of his long-lost brother, and he perceived that Gerald had at
least been thinking of him and beginning a communication to him. There
was no longer any doubt about the matter, his only brother had lived in that
poor frame-house for weeks together, and had fled from it under suspicion
of a terrible crime. That the suspicion was utterly false could now be
proved, thanks to Cyril and Cynthy's having surprised and frightened the
real culprit. But Gerald had gone, and it might be long before the good
news reached him.

"We will not go home, Cyril," said Mr. Morton, "until we have found
your uncle. That is of the most importance now."

"If he has gone to the lumberers, as Pete said," remarked Cynthy, "I have
an idea in which direction we must go to find him. If only the snow has
ceased to-morrow I will guide you to the place. I should like nothing
better," she added, as Mr. Morton demurred about giving her so much
trouble. "They are used to my going away for a few days at once, at my
home; I have relations scattered about the country, and they will conclude I
am visiting them."

Then, as night was drawing in, the clever girl made up a good fire—
fortunately there was a sufficiency of wood in the house—and arranged the
rugs for Mr. Morton and Cyril to sleep on near the fire.

"I guess I'm going upstairs," she said, when this had been done, and she
ran lightly up the ladder to the loft above before they could stop her.

"She'll be so cold up there, father!" exclaimed Cyril. "She'll freeze.

There isn't a fireplace in the room, or anything but a poor bed on the floor."

"Run after her with this rug, Cyril," said Mr. Morton, choosing the
largest skin-rug. "Tell her I won't have it and neither will you. We shall be
miserable if she starves herself."

Cyril did as he was told with great willingness, but he had immense
difficulty in making the generous-hearted girl consent to take the rug.
 "I'm young and strong, Cyril," she said, "and you and your father are
delicate. Besides, you belong to Mr. Gerald, so you ought to have the best
of everything." But Cyril insisted, and she had to yield at last. The tired
travellers slept well and long, being much exhausted with all they had gone
through.

Mr. Morton awoke first, and had lighted the fire before Cynthy appeared.

"I have been awake some time, but did not like to disturb you too soon,"
she said, busying herself with filling the kettle. "Oh, now, sir," she added,
"you'll hurt your foot standing about on it so, and there is no need. I can
soon do everything."

"I'm glad to say my foot is much better," rejoined Mr. Morton, "and I am
not going to allow you to do everything."

Cynthy smiled brightly. "I am glad you are better," she said. "But oh,
look at the snow!" she added, removing one of the boards with which she
had filled in the empty window-frame.

The snow was piled up until it almost reached the top of the window, and
they could see that more was still coming down. It was impossible to open
the door, which Cynthy tried next; a great snow-drift was piled up against
it.

"We are snowed in!" she exclaimed. "And no one will think of looking
for us here in the haunted house—unless my Harry does. He knows I'm not
a bit superstitious. Still, I don't think he'll suppose we are here," and she
grew thoughtful, weighing the pros and cons.

They had to be very economical of food that day, and there was none left
for poor Blackie, much to Cyril's grief. Cynthy gave him some lumps of
sugar for his pony, but she could not spare any bread.

They all talked a great deal about Gerald Morton in the course of the
day, Cynthy relating many anecdotes of the kindly deeds he had done for
other people, all of which much delighted Mr. Morton, who asked many
questions about them. He told Cynthy his brother had been left to his charge
by a dying mother, and it was a great grief to him when, having failed in
business and become ruined in fortune, Gerald left England, as he said, to
seek his fortune in another country. "I shall not return until I have found it,"
were his parting words, "and it is of no use your writing, for I am going to
try to travel about."

Mr. Morton, therefore, did not know where to write, and neither did he
like to leave his delicate wife to go in search of him when he heard from a
traveller that a gentleman like Gerald Morton had been seen in the forest
country north of Lake Michigan. But when she was dying, Mrs. Morton,
thinking of his dying mother's request, begged him to go in search of his
brother, and he had started with Cyril for that purpose after her death.

Cyril then related his adventures. Cynthy was exceedingly interested in

them all. She had heard of the trial of robbers at Menominee, when
Whiterock and his captain were condemned to death, and knew what an
immense amount of harm the band of robbers had done. It seemed to her a
wonderful thing that one of the band—Davidson—should have repented
and returned to a civilised life. "You'll be glad all your life that you helped
him, Cyril," she said in her hearty way, "and I hope, sir," she added to Mr.
Morton, "that when you have found Mr. Gerald you will tell him. He'll like
to hear that."

Last thing that evening, just when they were all endeavouring to
persuade each other that they were not at all hungry, because there was no
food left, they all at once heard a great knocking at the very top of the outer
door.

Who could it be? It was beginning to get dark. Was it the ghost? Cyril
asked the question half laughingly, but he looked considerably startled.
When people have resigned themselves to the fact that they are many miles
away from any other person, it is rather queer to find someone knocking at
the door. It was Cynthy who cried out first, "What do you want? Who is
there?"
"'What do you want? Who is there?'"
 The others could not hear the answer, but it evidently reassured her, for
she gave a cry of joy, and her eyes shone with delight as she again tried to
open the door, but in vain. Then she turned to explain to the others. "It's my
Harry," she said. "He's found us. I thought he would."

"Yes," sang out a hearty voice from the other side of the door. "No
matter what difficulties intervene love can find a way."

Cynthy blushed, and tried to hide her face from her companions, but Mr.
Morton reassured her by kind words and a reminiscence of a far-off time
when the dear lady who became his wife was lost with some others on a
mountain, and he alone was able to find her, because he persevered after the
others gave up the search. All this time the man outside was digging the
snow away from the door. As he did so he called out, "Why, Cynthy, I hear
you've Mr. Gerald inside there. 'Tis his voice, I'm sure."

"No 'tisn't," returned she, "but it is his brother and nephew, whom I came
across in the snow some little time before getting here."

"That's lucky," cried the man outside, "for I've found out where Mr.
Gerald is!"

They were all very glad to hear that, and when at length the snow was
cleared off sufficiently to admit a fine, tall young man they besieged him
with questions.

Harry Quilter related with much pleasure, as he shook hands with Mr.
Morton and Cyril, that a hunter had informed him at which lumberer's camp
he had lately seen the missing man. "It was only about ten miles off as the
bird might fly," he said, which caused Cynthy to exclaim it would be nearly
double that distance if they rode there.

Harry then proceeded to empty his pockets, which were stuffed with tea,
dried deer-flesh, salt bacon, and a great hunk of bread. Asked how it was he
knew of the whereabouts of his young lady, he answered that a trapper he
had met had informed him that he had seen a great quantity of smoke
issuing from the chimney of the haunted house. It was impossible to believe
that a mere ghost could have lighted a fire so large as to cause all that
smoke, and as Harry was anxious about the non-appearance of Cynthy
Wood at her home he had put on his moccasins and plodded through the
snow. He had brought as much food as he could carry, in case there should
be a difficulty about returning that night.

They would have been almost merry, as they sat round the rough table
enjoying the welcome food, if it had not been for the thought of the tragedy
which had deprived that poor house of its owner, and also the fact that
Blackie was still calling out for food, which made the tears come into his
master's eyes every now and then. He would have taken his own plate into
the kitchen if Cynthy had not forbidden it.

"You need support more than that fat pony of yours does, Cyril," she said
in her brisk way. "But here is some more lump sugar. Now I can't spare
anything else. Sugar is very feeding, you know."

"And Blackie loves it. Thank you, Cynthy. Oh, just come and see my
pony, will you, Mr. Harry?" he added to the stranger.

"What! Do you keep ponies in my house?" cried a harsh voice behind

them.

They all turned to look at the door, which had silently opened. In the
doorway stood an old man, with a hooked nose and long, neglected hair. He
was so thin that he looked almost like a skeleton, and he leaned heavily
upon a strong, notched stick. On his feet he wore moccasins, with which he
had been able to walk through the snow.

"Is it the ghost?" faltered Cyril, whose imagination had been much
exercised about the haunted house.

Cynthy did not smile; she looked at the figure in the doorway with a
pale, frightened face. "It is Mr. Jabez Jones," she faltered.

"Aye, it's Jabez Jones, at your service," said the old man, coming
forward. "And he would like to know what you are doing in his house, and
what a horse is doing in his kitchen?" He almost screamed the last words as
Blackie neighed more loudly than ever.
 "We are travellers who have come here for shelter from the snow," said
Mr. Morton wonderingly.

"And I've come in search of one of them," said Harry Quilter, finding his
voice at length. "You know me, Jabez Jones, don't you?"

"Aye, aye, and I know her," said the old man, pointing to Cynthy, "but I
don't know these," looking at the Mortons. "However, never mind. I guess
I'll have a cup o' yon tea."

"Take my place," said Harry, offering his three-legged stool.

"Nay, I'll ha' my own arm-chair," said the old man rudely.

Mr. Morton at once rose, and placed it for him with gentle courtesy.

"Well, you can't be a ghost, for you're just old Jabez and no one else!"
cried Cynthy. "But everyone thinks you were drowned in the river six
months ago," she added. "Do tell us how you escaped."

"I wasn't drowned," said the old man. "But who has been after my
money?" He put down the cup he was just raising to his lips and went up to
the hole in the floor to investigate it, chuckling as he did so.

Cynthy, reassured that it was really Jabez Jones in life exactly as he had
ever been, described to him the scene that she and Cyril witnessed on their
arrival at the house, which the old man heard with grunts of satisfaction.

"So Pete has begun to repent!" he said. "I'm glad of that. And see now,
my money isn't here after all. I took it away to the bank at Menominee last
fall, and when I got out of the river—for I was able to float in it until
washed on shore miles away lower down—having some gold with me, I
just went across country to Menominee to see if it was safe. Happening to
read in a newspaper that I had been killed, and my house was haunted, I
thought I'd stay away a bit and frighten my graceless son well, and let him
seek the money in vain. You see, everyone thought I kept it hid in a hole
somewhere, because I always talked against banks, saying they were the
worst places in which a man could keep his money. But talking is one thing
and doing's another." He returned to the table and drank his tea.

Mr. Morton shook his head sadly over the hardened old man, and as the
lovers sat together in the chimney-corner, talking after tea, whilst Cyril gave
Blackie its lump sugar, he tried to make him see that the love of money is a
great evil, and that in his case it had led his son into sin. But the old man's
mental state was a very dark and unenlightened one, and not much
impression could be made.

CHAPTER XVIII.

THE MEETING IN THE FOREST.

All through the winter the lumberers work in the woods, from sunrise to
sunset, making the forest resound with the strokes of their axes as they fell
tree after tree in amazing quantities. Often they divide into bands of six or
eight men, each company striving to outrival the other in the amount of
work it gets through. At night they return to the great wooden shanty, in
which they sleep in the bunks arranged on two tiers of wooden shelves all
around the place. They eat salt pork and drink strong tea, and at night sit
round the huge log fires, smoking and chewing tobacco, and sometimes
singing and telling stories.

Men who are strong and used to physical exertion enjoy the work, and
return to it again and again, for the wages are good, and the bold, free life
out of doors is not without its charms. But Gerald Morton was not strong
enough, or yet rough enough, for the labour and the company it entailed.
The men perceived this, and did not like to work with him, in spite of his
pleasant, cheery ways. They nicknamed him "the gentleman," and at last
their foreman was obliged to admit that it would be well for him to go to
some other sphere of labour.
 "You're not adapted to this life, nor yet strong enough for it," he said to
Gerald, "so you had better go."

Gerald was thinking of these words as he spent his last day in the woods
at the lumbering. On the morrow he must again set out on the wearying
search for work. He was no nearer finding a fortune than on the first day of
his life in America, but he thanked God in his heart as he worked that he
had found in those huge American forests that which was of more value
than any earthly money. Through his head were ringing the words of an old,
old Book, which he carried everywhere with him, at first because it was his
mother's, and afterwards for its own sake:—

"The fear of the Lord is clean, enduring for ever: the judgments of the
Lord are true, and righteous altogether.

"More to be desired are they than gold, yea, than much fine gold:
sweeter also than honey, or the honeycomb.

"Moreover, by them is Thy servant warned: and in keeping of them there

is great reward."

"Father! Father! That must be Uncle Gerald! Look! See! He's just like
your and Cynthy's description of him!"

Cyril's glad cry caused the axe to drop from the tired lumberer's hand.
He turned and saw a little company of equestrians coming quickly up to
him, their horses crunching the hard snow and the broken boughs strewing
the ground.

"Gerald! Gerald! My dear Gerald!" cried Mr. Morton, dismounting and

holding out an eager hand.

"Cyril! Cyril!"

Gerald clasped the hand as if he would never let it go.

*******
 "We have both been lost in the backwoods, Uncle Gerald," said Cyril,
with a fine sense of comradeship, as they returned home in a great
Transatlantic steamer.

"And you have both been found," said his father, with deep thankfulness.
"My two beloved ones," he added mentally, looking at them with glad eyes,
as he thought that neither would have been restored to his friends if it had
not been for his strenuous efforts to do right and serve God when to do so
was an extremely difficult task. "Truly there is a reward for the righteous,"
he said to himself, and he was not thinking merely of the earthly result of
their conduct.

THE END.

PLYMOUTH
WILLIAM BRENDON AND SON, PRINTERS
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